Estate Planning for the Informed Consumer

STATE PLANNING for the Informed Consumer

A Practical Guide to Protecting Your Assets from Probate, Nursing Home Costs and Taxes

In this book we take the mystery out of estate planning, and we explain the use of wills, trusts, powers of attorney and advance medical directives. We show you how these documents work, and how they can be used to effectively pass assets to the next generation, and keep your family from having to go to court and for estate administration and guardianship proceedings.

We give you a layperson's explanation of the complex federal and state Medicaid laws and rules, as well as new laws concerning possible liability of the people who act as your powers of attorney. The laws are full of traps for the unwary, which can be very expensive, time-consuming and frustrating for people who do not know the rules.

Many families have children with disabilities who cannot, or should not, inherit money or property directly. In the worst case, an adult child who is receiving government benefits can lose both the benefits and the inheritance. We explain how a special needs trust can protect the inheritance and the public benefits. Many families have adult children who are in financial difficulty, or who are not good with money, or who are in shaky marriages. We explain how to protect an inheritance in these cases.

We explore the issues surrounding second marriages. Second marriages pose unique issues with regard to long-term care, as well as dealing with siblings/children who do not know each other, and who can be at odds with one another.

Finally, almost everyone these days has social media and e mail accounts, as well as collections of digital photos, music and records. These so-called "digital assets" must be managed properly. If not, they can cause many problems after death.

This book is full of useful ideas that clarify estate planning and make it easy to digest. Readers will learn how to protect themselves and their families from catastrophic financial loss to a nursing home stay, and will learn how to simplify and streamline the process of passing assets down to the next generation.